June 2007 -- If you are in the oil and gas business, sometimes you get beat up for making profits.
Indeed, Marathon Oil Corp. recently issued as statement in response to a suit filed by the Kentucky Attorney General seeking restitution and alleging violations of the Consumer Protection Act and the Kentucky price gouging law. The company denies any wrongdoing.
For the Houston-based company, first quarter 2007 net income was $717 million, or $2.07 per diluted share. Net income in the first quarter of 2006 was $784 million, or $2.13 per diluted share.
"Marathon's first quarter results were driven by solid operating performances from each of our business segments," said Clarence P. Cazalot, Jr., Marathon president and CEO. "Our focus on execution, along with strong industry fundamentals, has delivered significant shareholder value and is allowing us to continue our substantial capital investment program, increase our quarterly dividend for a fifth time in less than four years and to continue our $2.5 billion stock repurchase program."
